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Parliamentary Questions


Question Without Notice No. 484 asked in the Legislative Council on 12 August 2021 by Hon Dr Steve Thomas

Parliament: 41 Session: 1

IRON ORE — SPOT PRICE AND ROYALTY REVENUE

484. Hon Dr STEVE THOMAS to the minister representing the Treasurer:

I refer to the 2019 to 2021 boom of iron ore prices.

(1) What is the current spot price of iron ore as measured by Treasury?

(2) What was the iron ore royalty revenue received in the 2020–21 financial year?

(3) What is the actual dollar and percentage decline in the iron ore price since I last asked this question on 24 June this year?

(4) Does Treasury expect this decline to continue; and, if so, to what extent?

(5) What is the McGowan government's economic plan for the end of the current mining boom?

Hon STEPHEN DAWSON replied:

I thank the Leader of the Opposition for some notice of the question. The following answer is provided on behalf of the Treasurer.

(1) The current spot price is $US162 a tonne.

(2) The audited iron ore royalty revenue collections for the 2020–21 financial year will be disclosed in the Annual report on state finances released in September.

(3) The iron ore price has declined by $54.20, or 25 per cent, since the honourable member's Legislative Council question without notice 359 on 24 June 2021, highlighting the volatility in the iron ore price and the need to budget accordingly.

(4) Treasury's commentary on the iron ore market will be provided in the 2021–22 budget.

(5) The McGowan government has committed around $8 billion as part of the WA recovery plan and in response to the COVID-19 pandemic. This has provided resourcing for our frontline services, support for businesses and households, and significant investments to drive our state's economic recovery and create jobs. The McGowan government continues to make record investments in infrastructure to boost employment and opportunities for local businesses and to improve services and support growth over the long term.